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Archivo del Autor: Belen De Leon

LendInvest raises $39.5M to grow its P2P property finance platform

A cloud hangs over the UK housing market as the UK government stumbles slowly through its negotiations to leave the European Union. But startups that are bringing innovative twists to housing finance seem to be singing a different tune.

Today, LendInvest, a peer-to-peer platform that connects property buyers in the UK with people willing to finance those purchases (bypassing traditional mortgage lending infrastructure in the process), announced that it has raised around $39.5 million (around £30.5 million) in a Series C round of funding led by existing investor Atomico, which participation also from GP Bullhound and Tiger Management (founded by hedge fund investor Julian Robertson).

The plan will be to use this funding to continue to develop its technology and grow business into more the traditional (and bigger) mortgage business. A spokesperson for the company says there are no plans to extend beyond the UK market for now.

LendInvest is currently profitable, albeit modestly, with Ebitda of about $2.8 million on gross group revenues of $70 million in the 12 months that ended in March of this year, and it says this round is likely to be the last before it lists publicly.

“Having recorded a fourth consecutive annual profit, raising capital wasn’t a necessity for LendInvest but by beefing up our balance sheet and bringing on some very experienced additional investors, we are well placed to capitalise on opportunities in the future,” said Christian Faes, cofounder and CEO of LendInvest, in a statement. “Using technology LendInvest is building a new kind of financial services business, and an extremely scalable platform, which is changing the way mortgages are funded and work in the UK.”

LendInvest is not disclosing its valuation with this round (we’ve asked) but for some context, back in 2015 it was valued at $103.25 million, according to data from Pitchbook. At the time it was generating only around one-quarter of the revenues it’s making now, although with a higher Ebitda margin — meaning that it’s valuation now is likely to be much higher.

LendInvest says that it has raised over £1 billion to date. But to be clear, LendInvest counts both the funding it has raised through its investment platform, and that from outside investors such as in this round, when it gives that figure. According to PitchBook, it has raised around $152 million from VCs and other firms.

The remainder, meanwhile, is one indicator of the platform’s success to date. 

LendInvest currently helps property buyers pick up bridging finance, development finance and also finance for buy-to-let properties, and it says it has lent nearly $2 billion (£1.5 billion) across 5,000 properties in the UK since it was founded in 2012.

It’s competing against the established route that property buyers take in the UK today when searching for finance. Today, this is primarily banked around established banks and mortgage lenders, along with brokers and others in the value chain that help match people with interest rates and institutions willing to give them money.

As with a number of other peer-to-peer lending platforms, LendInvest has worked out algorithms that can bypass some of the more laborious and expensive processes of established routes, with the promise of faster financing and an alternative way for investors to try to make more from the money that they have.

P2P has proven to be a compelling alternative route to borrowing money, whether it is for purchasing property or something else, sometimes to great success for the startup at the center of the transaction. Another UK startup, FundingCircle, which provides P2P lending for small businesses, is gearing up for an IPO in London where it could raise £300 million and be valued at £1.5 billion.

“We continue to be impressed with LendInvest’s progress in disrupting the established lending industry,” said Atomico partner Mattias Ljungman, about returning to lead this latest round. “Since our initial involvement the business has invested heavily in its proprietary technology, successfully moved into Buy-To-Let and launched the FinTech sector’s first LSE listed retail bond programme. We are excited to work with LendInvest as it continues with its high-growth trajectory and look forward to seeing what the future holds for the business.”


Source: TechCrunch

Logistics startup Freightos raises $44.4M Series C led by Singapore Exchange

Freightos, a marketplace for logistics providers, announced today that it has raised a $44.4 million Series C led by Singapore Exchange. Returning investors including General Electric Ventures (the lead investor of Freightos’ Series B extension last year), ICV and Aleph also participated in the round, which brings Freightos’ total funding so far to $94.4 million.

Launched in 2016 as a price comparison service for freight forwarders—the agents that organize shipments from a supplier or manufacturer to their final destination—Freightos now also lets users book, manage and track shipments with more than 1,200 logistics providers.

In an email, founder and CEO Zvi Schreiber said its online freight marketplace will continue to be Freightos’ flagship product, but the company also wants to find ways to make the industry more efficient by building a global digital infrastructure.

The company claims to process more than one million instant freight quote requests each month using its patent-pending routing and pricing engines. Its database of global shipping rates also underpins the Freightos Baltic Index (FBX), an industry-specific index created to provide more pricing transparency.

Developed in partnership with the Baltic Exchange, a market information provider for the maritime transportation industry, the FBX tracks freight pricing from 12 major routes around the world and also combines them into one index to serve as the freight industry’s equivalent of the S&P 500.

“Nearly every major global industry, from jet fuel to livestock, leverages dynamic pricing based on real-time metrics to make smarter, automated decisions. We’re excited to explore how our global freight index, the Freightos Baltic Index, can reduce pricing risks and improve stability, and are already exploring implementation with major multinational corporations,” Schreiber said.

He added that Freightos is also looking at more ways to connect airlines with logistics providers to sell cargo space on passenger flights.

Freightos will partner with the Singapore Exchange, which owns the Baltic Exchange, to develop new financial instruments. It will start by launching daily reporting on the FBX, which is currently updated weekly.

In a press statement, SGX head of derivatives Michael Syn said, “Freightos is at the forefront of a new wave of solutions for price discovery and digital marketplaces in global freight – an industry at the heart of the global economy. SGX is excited by the potential to develop risk management tools and services and build on Singapore’s unique position in the trade ecosystem, to bridge the physical and financial markets.”


Source: TechCrunch

The Latest Course Catalog Trend? Blockchain 101

A growing number of colleges and universities are offering courses in blockchain technology or establishing blockchain research institutes.
Source: Wired

Buy your ticket to TechCrunch Startup Battlefield MENA 2018 today

We’re less than one month away from hosting our first Startup Battlefield pitch competition in the Middle East and North Africa. Holy smokes, we’re so excited to showcase the region’s most promising early-stage startups at TechCrunch Startup Battlefield MENA 2018 on October 3 in Beirut, Lebanon.

We’ve selected the participating startups, and their founders are hard at work honing their pitches for the big day. There’s just one thing missing — you! Come to Beirut Digital District in Lebanon for an action-packed day of competition, networking and celebration. A spectator pass costs $29, and you can buy your tickets right here.

If you’ve never attended our premier startup pitch competition, here’s how Startup Battlefield works. The participating teams will compete in three preliminary rounds — up to five startups per round. They’ll have just six minutes to wow the judges with a live product demo and pitch. The judges, distinguished technologists and investors, follow each pitch with a six-minute, no-holds-barred Q&A.

At most, five teams will be chosen to move into the final round where they will pitch a second time to new judges, who follow up with more probing questions. All the judges confer, and they will choose one outstanding startup to lay claim to the Startup Battlefield MENA 2018 championship, a US$25,000 no-equity cash prize and a trip for two to Disrupt San Francisco in 2019 — where they get to compete in that Startup Battlefield (assuming the company still qualifies to compete at the time).

And that’s not all: TechCrunch has just announced its first batch of speakers who will be joining us in Beirut. It is a regular who’s who of the MENA startup and technology scene, so you don’t want to miss what they have to say.

It’s fast-paced, think-on-your-feet action, and it all takes place in front of a live audience (we’re looking right at you) of startup fans, tech enthusiasts, investors and media. It’s a great opportunity to see the future of tech unfold — who knows, these startups may grow into tomorrow’s tech titans. It’s also the perfect event for serious networking with like-minded entrepreneurs.

TechCrunch Startup Battlefield MENA 2018 takes place in the Beirut Digital District in Lebanon on October 3. Don’t miss out on the fun, the excitement and the business opportunities. Buy your ticket today.


Source: TechCrunch

Mobile social network Path, once a challenger to Facebook, is closing down

It’s that time again, folks, time to say goodbye to a social media service from days past.

Following the shuttering of Klout earlier this year, now Path, the one-time rival to Facebook, is closing its doors, according to an announcement made today. (Yes, you may be surprised to learn that Path was still alive.)

The eight-year-old service will close down in one month — October 18 — but it will be removed from the App Store and Google Play on October 1. Any remaining users have until October 18 to download a copy of their data, which can be done here.

Path was founded by former Facebook product manager Dave Morin, and ex-Napster duo Dustin Mierau and Shawn Fanning . The company burst onto the scene in 2010 with a mobile social networking app that was visually pleasing and — importantly — limited to just 50 friends per user. That positioned it as a more private alternative to Facebook with some additional design bells and whistles, although the friend restriction was later lifted and then removed altogether.

At its peak, the service had around 15 million users and it was once raising money at a valuation of $500 million. Indeed, Google tried to buy it for $100 million when it was just months old. All in all, the startup raised $55 million from investors that included top Silicon Valley names like Index, Kleiner Perkins and Redpoint.

Facebook ultimately defeated Path, but it stole a number of features from its smaller rival

But looks fade, and social media is a tough place when you’re not Facebook, which today has over 1.5 billion active users and aggressively ‘borrowed’ elements from Path’s design back in the day.

Path’s road took a turn for the worse and the much-hyped startup lost staff, users and momentum (and user data). The company tried to launch a separate app to connected businesses and users — Path Talk — but that didn’t work and ultimately it was sold to Korea’s Kakao — a messaging and internet giant — in an undisclosed deal in 2015. Kakao bought the app because it was popular in Indonesia, the world’s fourth-largest population where Path had four million users, and the Korean firm was making a major play for that market, which is Southeast Asia’s largest economy and a growing market for internet users.

However, Path hasn’t kicked on in the last three years and now Kakao is discarding it altogether.

“It is with deep regret that we announce that we will stop providing our beloved service, Path. We started Path in 2010 as a small team of passionate and experienced designers and engineers. Over the years we have tried to lay out our mission: through technology and design we aim to be a source of happiness, meaning, and connection to our users,” the company said in a statement.

Thanks Aulia


Source: TechCrunch

Drone assassins are cheap, deadly and available in your local store – CNET

You don’t need the military to pull off an attack of the drones. They’re capable of incredible destruction and now available to everyone.
Source: CNET

5 Great Routes for Self-Driving Trucks—When They're Ready

Traffic analytics company Inrix looked at freight and safety data to consider where robo-trucks could make the biggest impact.
Source: Wired

Our first look at Joaquin Phoenix's Joker reveals his origin name – CNET

Meet Arthur.
Source: CNET

Marc and Lynne Benioff will buy Times magazine from Meredith for $190M

Another tech billionaire will scoop up a major news outlet. Meredith Corporation, which acquired Time Inc. in January, announced today that it has agreed to sell its eponymous magazine to Salesforce.com co-founder Marc Benioff and his wife Lynne Benioff for $190 million in cash.

Meredith said in March that it planned to sell Time, Sports Illustrated, Fortune and Money as part of its goal to save $400 million to $500 million over the next two years and increase the profitability of its remaining portfolio of publications. In its announcement today, the company said it will use proceeds from the sale of Times magazine to pay off debt and expects to reduce its debt by $1 billion during fiscal 2019.

Meredith’s acquisition of Time Inc. was controversial because it received financial support from Koch Equity Development, the private equity fund run by Charles and David Koch, known for backing conservative causes.

The Benioffs, who are on the other side of the spectrum as supporters of progressive politics, are purchasing Time magazine as individuals. In other words, Salesforce.com, where Benioff serves as chairman and co-CEO, and other companies are not involved with the deal. Marc Benioff told the Wall Street Journal that he and his wife will not be involved in Time magazine’s daily operations or editorial decisions and added that “we’re investing in a company with tremendous impact on the world, one that is also an incredibly strong business. That’s what we’re looking for when we invest as a family.”

Other tech billionaires who have purchased major publications include Amazon CEO Jeff Bezos, who bought the Washington Post in a personal capacity five years ago and Laurene Powell Jobs, whose philanthropic organization, Emerson Collective, acquired a majority stake in The Atlantic last year. (While Jack Ma was a driving force behind Alibaba Group’s acquisition of the South China Morning Post in 2016, that acquisition was made by the company, not Ma.)

Despite being one of the most famous and iconic news brands in the U.S., Times magazine has (like other print publications) struggled to cope with falling circulation and revenue as it invests digital properties.

In an interview with the Wall Street Journal, the magazine’s editor in chief, Edward Felsenthal, said “we’ve done a lot to transform this brand over the last few years so that it is far beyond a weekly magazine” and added that its business is “solidly profitable.”


Source: TechCrunch

Salesforce CEO Marc Benioff to buy Time magazine for $190M – CNET

Magazine purchase to be separate from Salesforce operations.
Source: CNET

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